{"id":655120,"date":"2024-11-13T00:00:00","date_gmt":"2024-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/hassan-allam-properties-buys-110k-sqm-of-el-gouna-from-orascom-development-for-usd-37-4-mn-plus-allianz-egypt-tadweer-chefaa-luna-didi\/"},"modified":"2024-11-13T00:00:00","modified_gmt":"2024-11-13T00:00:00","slug":"hassan-allam-properties-buys-110k-sqm-of-el-gouna-from-orascom-development-for-usd-37-4-mn-plus-allianz-egypt-tadweer-chefaa-luna-didi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/hassan-allam-properties-buys-110k-sqm-of-el-gouna-from-orascom-development-for-usd-37-4-mn-plus-allianz-egypt-tadweer-chefaa-luna-didi\/","title":{"rendered":"Hassan Allam Properties buys 110K sqm of El Gouna from Orascom Development for USD 37.4 mn. PLUS: Allianz Egypt, Tadweer, Chefaa, Luna, Didi"},"content":{"rendered":"

REAL ESTATE-<\/p>\n

Orascom Development Egypt (ODE) completed the sale of a 110k sqm plot in El Gouna to<\/strong> Hassan Allam Properties for USD 37.4 mn<\/strong>, according to an satament (pdf)<\/a>. The sale is expected to attract investments in El Gouna\u2019s infrastructure, amenities, and facilities, which \u201calign with ODE\u2019s long-standing mission to create vibrant, thriving communities that serve as premier destinations for living, leisure, and business,\u201d according to the statement. <\/p>\n

The first of many? <\/strong>The statement noted that ODE \u201cis committed to fostering El Gouna\u2019s growth by diversifying its portfolio in partnership with leading reputable developers and through development projects,\u201d adding that \u201cthis strategy supports Egypt\u2019s vision for sustainable urban development while keeping El Gouna a top choice for discerning visitors.\u201d<\/p>\n

ENERGY-<\/p>\n

Arab nations to launch unified electricity market:<\/strong> Arab nations are set to sign two agreements next month to establish a common Arab electricity market, Arab League Energy Director Jamila Matar told Al Arabiya<\/a>. The agreements \u2014 forming the legal and legislative framework for the joint market \u2014 will be signed on 2 December during a meeting of the Arab Ministerial Council for Electricity being held at the new capital. <\/p>\n

The unified market aims to connect and harmonize the energy systems of 22 Arab <\/strong>countries by 2038<\/strong>, with phased implementation starting 2025, according to Matar. The market is expected to operate on a commercial mechanism, enabling energy exchange by utilizing surplus electricity from member states. The initiative, Matar added, could draw on the Gulf electricity interconnection project as a model for success.<\/p>\n

CAPITAL MARKETS-<\/p>\n

Allianz to launch gold investment fund: <\/strong>Allianz Egypt is awaiting the green light from the Financial Regulatory Authority to launch a gold investment fund in early 2025, two sources familiar with the matter told Asharq Business<\/a>. In the meantime, the firm is working to contract the companies that will manage the fund, one of the sources said, without disclosing the targeted size of the fund. <\/p>\n

RECYCLING- <\/p>\n

One person\u2019s trash is another person\u2019s treasure: <\/strong>The Waste Management Regulatory Authority inked an MoU with Abu Dhabi's Tadweer to explore potential investments and partnerships in waste management and recycling, according to a statement<\/a> from the Environment Ministry. The MoU will see the two sides explore partnerships between their public and private sectors and exchange expertise in the fields of waste management and recycling.<\/p>\n

TRANSPORT-<\/p>\n

Didi expands its footstep across Egypt:<\/strong> Ride-hailing app Didi Egypt expanded its services to four new cities \u2014 Hurghada, Ismailia, Suez, and Port Said, it said in a press release<\/a>. \u201cThis strategic move reinforces Didi Egypt\u2019s commitment to providing innovative, affordable, and reliable mobility solutions across Egypt while fostering economic growth in local communities,\u201d the release said. <\/p>\n

HEALTHCARE-<\/p>\n

Chefaa and USAID to<\/strong> boost pharma access: <\/strong>Pharma-delivery platform Chefaa has inked an agreement with USAID Business Egypt to digitize the country\u2019s pharma supply chain to help boost healthcare access, according to a press release (pdf)<\/a>. Under the agreement, the two sides will support 250 pharmas by \u201cenhancing their digital presence, building pharmacist capacity, and improving their supply chain and logistics.\u201d <\/p>\n

LOGISTICS-<\/p>\n

#1- Luna to build EUR 9 mn logistics complex:<\/strong> Luna Perfumes and Cosmetics<\/a> plans to build a EUR 9 mn logistics complex in Sixth of October's fourth industrial zone, CEO Rania George told Al Borsa<\/a>. The 5k-sqm facility will link the company's factory with distributors across different governorates and will be completed within five years, according to George. <\/p>\n

Where\u2019s the money coming from?<\/strong> The company secured funding for 31% of the project's total investments through Germany's Facility Investing for Employment (IFE) initiative in an agreement inked yesterday, a separate report from Al Borsa<\/a> details. IFE also inked a EUR 5.4 mn grant agreement with Rofayda Health Park<\/a> and is reviewing projects in the education, industry, and textiles sectors for up to EUR 20 mn in grants, according to the outlet.<\/p>\n

\n

#2- Van Oord completes dredging for Ain Sokhna port expansion: <\/strong>Dutch dredging company Van Oord has completed dredging two new port basins in Ain Sokhna Port as part of an expansion project aimed at enhancing the Suez Canal Economic Zone, according to a company statement<\/a>. The project involved dredging around 21 mn cbm of soil over a 14-month period.<\/p>\n

RENEWABLES-<\/p>\n

A green hydrogen maritime line connecting Egypt and Europe? <\/strong>Representatives from German companies and the German-Arab Chamber of Industry and Commerce offered to submit a study on a proposed new maritime line connecting Egypt to Europe to export green hydrogen in a meeting with Public Enterprise Minister Mohamed El Shimi, according to a ministry statement<\/a>. <\/p>\n

REGULATION-<\/p>\n

FRA lightens red tape to boost carbon certificate market participation: <\/strong>The Egyptian Financial Regulatory Authority (FRA) has amended the rules for registering and delisting carbon emission reduction certificates on the EGX to encourage more companies to participate, according to an FRA statement<\/a>. The amendments allow carbon reduction projects to be registered in the project database prior to receiving a validation report as long as the validation report is submitted within a year. <\/p>\n

ICYMI: <\/strong>Egypt launched Africa\u2019s first voluntary carbon trading market<\/a> in August, allowing companies to issue and trade voluntary carbon certificates in Egypt and Africa, which can be bought by other companies wanting to offset their emissions.<\/p>\n

AI-<\/p>\n

Logic Consulting and Sequence Ventures launch AI firm iVolution: <\/strong>Homegrown firm Logic<\/a>Consulting<\/a> has partnered with deeptech investment firm Sequence Ventures<\/a> to launch consulting company iVolution, which will help organizations adopt AI strategies, Logic said in a statement<\/a>. The company aims to facilitate innovation adoption by offering tailored strategies and services to help institutions embrace ongoing digital transformations. <\/p>\n

PHARMA-<\/p>\n

Three new pharma med supplies factories in the works in Luxor:<\/strong> Three medical supplies manufacturers have received land plots in the Baghdadi Industrial Zone in Luxor to set up new facilities with total investments exceeding EGP 200 mn, zone head Mostafa Abdel Halim told Al Borsa<\/a>. The companies plan to begin construction next year, with completion and operation expected within 16 months.<\/p>\n

A new freezone in Luxor?<\/strong> High interest from investors in the industrial complex prompted the governorate to propose establishing a freezone within the complex to diversify investment options, according to Abdel Halim. He added that the Baghdadi complex plans to request an additional 100 feddans from the cabinet\u2019s National Center for Planning State Land Use by the end of December.<\/p>\n","protected":false},"excerpt":{"rendered":"

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